Ohio Uniform Residential Loan Application
Description
How to fill out Uniform Residential Loan Application?
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FAQ
What is the Uniform Residential Loan Application? The URLA (also known as the Freddie Mac Form 65 / Fannie Mae Form 1003) is a standardized document used by borrowers to apply for a mortgage. The URLA is jointly published by the GSEs and has been in use for more than 40 years in all U.S. States and Territories.
Only the Loan Originator with Primary Responsibility can sign Final 1003 and 1003 Addendum (if applicable). Signing these forms is confirmation that the originator's work is complete, accurate, and in ance with legal and ethical standards.
Anyone who meets minimum credit guidelines (Min. 640 Credit Score) and local area income requirements can qualify for a Ohio USDA loan. In some cases, no credit score required. A Ohio USDA home loan is an affordable and great option for low-to-moderate income families, and first time home buyers.
SERVICE AREA: Adams, Brown, Butler, Champaign, Clark, Clermont, Clinton, Darke, Fayette, Franklin, Greene, Hamilton Highland, Lawrence, Madison, Miami, Montgomery, Pickaway, Pike, Preble, Ross, Scioto & Warren Counties.
The 1003 loan application, or Uniform Residential Loan Application, is the standardized form most mortgage lenders in the U.S. use. The application asks questions about the borrower's employment, income, assets, and debts, as well as requiring information about the property.
Minimal Requirements for USDA Ohio Loans: 640 minimum credit score. Ability to show at least 3 credit trade lines reporting on your credit report for 12 months (non-traditional lines of credit may be acceptable, such as utility bills) Verifiable rental history in the last 12 months. Verifiable employment.
Known as the Uniform Residential Loan Application (or the 1003, after its Fannie Mae form number), this five-page document provides a lender with the basic information needed to approve a buyer.
Uniform Residential Loan Application (URLA/Form 1003)
A loan application must be documented on the Uniform Residential Loan Application (Form 1003). A complete, signed, and dated version of the final Form 1003 must always be included in the loan file. The final Form 1003 must reflect the income, assets, debts, and final loan terms used in the underwriting process.
The six items are the consumer's name, income and social security number (to obtain a credit report), the property's address, an estimate of property's value and the loan amount sought.
